Chapter 6 Flashcards
0
Q
Elements of insurance fraud
A
False representation
Knowingly made
Intent to influence or deceive
Material fact
Reasonable reliance
Detriment
1
Q
Essential parts of insurance contract
A
Offer and acceptance
Legal purpose
Competent parties
Consideration
2
Q
Cancelable policy
A
The insurer may terminate the policy at any time.
3
Q
Optionally renewable policy
A
The insurer has the right to refuse renewal on policy anniversary or premium due date
4
Q
Non Renewable for stated reasons only
A
Insurer may refuse to renew but only for a stated reason in the policy
5
Q
Noncancelable
A
Insurer must renew as long as premiums are paid.
6
Q
Contents of an insurance contract
A
Declarations
Definitions
Insuring agreements
Exclusions
Conditions
Miscellaneous provisions
Endorsements or riders
